HELG reported a Q1 earnings per EC of NOK 3.7, 4% above our estimate, but overall the report was somewhat on the negative side due to a weaker NII development (-8% q/q) and higher loan losses in the quarter than we had hoped. Non-interest income and operating expenses helped offset a little, but on the back of the report we’ve lowered our FY26 EPS by 4%, while for FY27/28 our estimates are mostly flat as lower opex offsets lower revenues. Though the CET 1 ratio also came in slightly shy of expec ....
